Connect with us

Blockchain

Analyst on why Bitcoin and crypto may be in the midst of a “mini bear market”

Republished by Plato

Published

on

If you look at Twitter, it may appear that the crypto market is anything but bearish.

Friday and Saturday were marked by extremely strong rallies in the prices of altcoins, despite consolidation in the two leading cryptocurrencies.

Many small caps, medium caps, and even large-cap altcoins enjoyed gains of 10-50 percent yesterday, resulting in a sharp decline in the Bitcoin dominance to 65 percent as of this article’s writing. Earlier this week, the metric was as high as 68.5 percent.

But this price action hasn’t convinced all analysts that Bitcoin, Ethereum, and the rest of the market are ready to move higher.

Bitcoin is in a bear market?

Qiao Wang, a crypto-asset investor formerly of Messari and Tower Research, recently postulated that Bitcoin and the crypto market may not be in a full-blown bull market as some have speculated.

He shared on Jan. 15 that he thinks we may be in a “mini bear market” due to the vast amount of speculators, which is evidenced by the funding rates of crypto futures markets:

“IMO we are in a mini-bear market. Not enough conviction to short, and certainly think we’ll be a lot higher 6-12 months from now. Want to see speculators go away and spot buyers step up as invalidation. No clue yet how low we’ll go, but 20k-25k would hurt both bulls and bears.”

For some brief context, the funding rate is the reoccurring fee that long positions pay short positions to keep the price of a futures market to the price of a spot market. High funding rates often indicate that there are a large amount of leveraged buyers that are speculating on an asset appreciating in a short time frame.

Wang added that there is a lot of fragilities in the market right now that leaves it vulnerable to a potential correction:

“I’m still long some high quality DeFi, which I think we’ll do very well if my BTC thesis is wrong. Either way there’s a lot of fragility in the system. Not the time to be a hero.”

His sentiment is similar to that shared by Guggeinheim’s Scott Minerd, who said in a recent interview with Bloomberg that Bitcoin is likely in the midst of a  short-term “speculative frenzy” or mania.

Posted In: Bitcoin, Analysis

Like what you see? Subscribe for daily updates.

Source: https://cryptoslate.com/analyst-on-why-bitcoin-and-crypto-may-be-in-the-midst-of-a-mini-bear-market/

Blockchain

Economist: Ethereum and Bitcoin Look “Bullish” After Withstanding “Macro Beating”

Republished by Plato

Published

on

Bitcoin and Ethereum are down from their recent 2021 highs, but compared to their traditional market counterparts, have shown more resilience during the recent “royal macro beating.”

Here’s why one top economist and investor says this is incredibly bullish for the two titan cryptocurrency assets.

Royal Macro Beating Can’t Take Down Bullish Bitcoin And Ethereum

This week, the stock market plunged, and precious metals saw a sharp selloff as the macro environment remains uneasy globally. Yet somehow, amidst a “royal macro beating”, Ethereum and Bitcoin have held up comparably well.

Economist and trader Alex Kruger says the resiliency is “bullish” for Bitcoin and Ethereum. The two top crypto assets have been in an uptrend for a full year now, and the recent macro jitters have been the first major bump in the road since.

Related Reading | “Wonderful” Shark Tank Investor Shifts Portion of Portfolio To Bitcoin and Ethereum 

Bitcoin exploded from lows around $4,000 to $58,000 per » Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin at the high, while Ethereum fell to under $100 and has risen to $2,000 since. The more than 10x rise, however, might be nowhere near the finish line, and holding up so well here could be the catalyst that sends the cryptocurrencies higher through the resistance level.

bitcoin and Ethereum macro beating

Ethereum and Bitcoin have held up extremely well compared to the S&P 500 and gold. | ETHUSD on TradingView.com

The Changing Of The Guard To Crypto Is Underway

The stock market is on thin ice, and precious metals cannot be upgraded or updated, and have limited use in the future as a store of value compared to cryptocurrencies.

The digital gold narrative has been working, and the steepness of the gold selloff above shows how effective the narrative has been. Crypto prices holding up so well while gold plummets, could send even more capital flowing out of metals and into the scarce digital asset.

Related Reading | Mark Cuban Slams Peter Schiff: Gold is Dead, Bitcoin and Ethereum Are Today

Profit-taking in the currency overheated stock market will want to follow the money, wherever the grass is greener and profits are consistent. If that place is the crypto market, the flood gates of capital could finally be coming that helps to push Bitcoin to prices of hundreds of thousands of dollars per » Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin, and tens of thousands of dollars per Ether.

The nascent technologies are only now coming into their own as financial assets, and institutional investors have begun to recognize the shift from traditional assets, to digital ones, and the ones who have been early thus far have been the most profitable.

Will Bitcoin and Ethereum continue to hold up this well, or will they ultimately succumb to the continuing macro beating going on across markets right now?

Featured image from Deposit Photos, Charts from TradingView.com

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
The Easiest Way to Way To Trade Crypto.
Source: https://www.newsbtc.com/news/bitcoin/ethereum-bitcoin-macro-beating-gold/

Continue Reading

Blockchain

3 million active users help lift Audius (AUDIO) to a new all-time high

Republished by Plato

Published

on

As blockchain technology increasingly becomes part of the mainstream conversation, its integration with today’s most used technologies is bound to increase. This means that it’s only a matter of time before video streaming, digital music and social media see gradual blockchain integrations take place. 

Audius (AUDIO) is one project that is chasing the first-mover advantage in the music streaming sector. The music-sharing and streaming protocol facilitates transactions between creators and listeners, making it relatively effortless for users to distribute and monetize audio content. 

The project has received increasing attention for its approach to decentralizing the music industry and on March 2 the team celebrated reaching 3 million monthly active users. 

Data from Cointelegraph Markets and TradingView shows that the price of AUDIO surged 108% since the start of March from a low of $0.38 to a new all-time high of $0.79 on March 4 as the altcoin’s trading volume spiked from $3 million to a record $55 million.

AUDIO/USDT 4-hour chart. Source: TradingView

Staking incentives drive user adoption

The first major increase in users followed the project’s October 2020 launch and the activation of staking on the Audius platform in December. This enabled AUDIO holders to earn a 7% yield for tokens that were staked on the network while they listening to music and interacted with the protocol.

By the end of January, the platform had 1.8 million active users and a total of 122 million AUDIO tokens staked on the network. These figures have since increased to 3 million users and a total of 182.5 million staked AUDIO as the platform continues to integrate new features that incentivize community involvement.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for AUDIO on Feb. 28, prior to the recent price rise.

The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. AUDIO price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ score for AUDIO hit a peak of 69 on Feb. 28, just before the start of a prolonged uptrend in price which was further identified by a VORTECS™ score of 80 on March 1. After pulling back over the next 3 days the score again spiked to 70, just hours before a significant rise in the price of AUDIO.

On March 5, the project revealed its plans to integrate non-fungible tokens (NFT) into the protocol as part of its effort to offer a full-service decentralized platform and expand its user base.

NFTs have become a hot topic in the cryptocurrency sector in recent months, and their integration into the AUDIO platform is likely to bring a renewed wave of interaction from users.

As blockchain technology continues to become more prominent in mainstream society, Audius appears well-positioned to become a leader in the streaming music space thanks to a rapidly expanding user base and a growing list of incentives that entice users to stay active on the platform.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
The Easiest Way to Way To Trade Crypto.
Source: https://cointelegraph.com/news/3-million-active-users-help-lift-audius-audio-to-a-new-all-time-high

Continue Reading

Blockchain

Bybit to Cease Services for UK Citizens Following the FCA Ban on Crypto Derivatives Trading

Republished by Plato

Published

on

The first consequences from the FCA ban on crypto derivatives trading in the UK are evident for the popular digital asset exchange Bybit. The company announced earlier that it will suspend its services to all customers based in the United Kingdom. 

  • Established in 2018, Bybit is a cryptocurrency exchange headquartered in Singapore with a reported user base of over one million registered clients. However, the firm will seize offering its services to UK-based customers, according to a recent press release
  • The statement informed that all UK users have to close all of their opened positions and withdraw all account balances by 8 AM UTC, March 31st, 2021. Following that date, UK citizens will be “restricted from accessing or performing any trading activities on Bybit.” 
  • Furthermore, the exchange will immediately restrict all new registrations using UK mobile numbers and/or IP addresses. 
  • Bybit’s decision is a direct consequence of a ban on crypto derivatives trading in the UK instituted by the country’s regulator – the Financial Conduct Authority (FCA). 
  • CryptoPotato reported last year that the watchdog planned to prohibit the sale, marketing, and distribution to all retail customers of crypto derivatives and exchange-traded notes (ETNs).  
  • At the time, the FCA described such products as “ill-suited for retail customers due to the harm they pose.” It also outlined that traders are unable to determine a reliable value because of the extreme volatility in the market and inadequate understanding. 
  • Interestingly, though, even the UK population couldn’t stop the FCA from implementing the ban as a survey compiled by the watchdog suggested that over 97% disagreed with the decision. 
SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
The Easiest Way to Way To Trade Crypto.
Source: https://cryptopotato.com/bybit-to-cease-services-for-uk-citizens-following-the-fca-ban-on-crypto-derivatives-trading/

Continue Reading
Blockchain4 days ago

Why Mark Cuban is looking forward to Ethereum’s use cases

Blockchain3 days ago

Amplifying Her Voice

Blockchain3 days ago

Libra Coin – A New Digital Currency Developed by FACEBOOK

Blockchain5 days ago

The Sony PlayStation 5 Game Console Mining Ethereum with almost 100 MH/s is Not True!

Blockchain3 days ago

Blockchain in Sports Betting

Blockchain3 days ago

Bitcoin Halving: Definitive Guide (In Just 5 Minutes)

Blockchain3 days ago

DeFi token CRV spikes after reports PayPal acquired unrelated custody firm Curv

Blockchain2 days ago

Will Netflix soon buy bitcoin?

Blockchain3 days ago

DEX aggregator 1inch integrates Bitquery’s API-powered crypto trading data

Blockchain22 hours ago

How to Protect Yourself from the Cryptojacking Threat

Blockchain2 days ago

3 key Ethereum price metrics show pro traders are aiming for $2K ETH

Blockchain1 day ago

Crypto fund KR1 makes investment in blockchain data protocol LazyLedger

Blockchain1 day ago

BitGo To Introduce Crypto Custodial Services To New York Clients

Blockchain1 day ago

XRP Price Analysis: 04 March

Blockchain3 days ago

The Hard Sell

Blockchain2 days ago

Bitcoin HODL Waves Suggest Bull Run Has Barely Started

Blockchain18 hours ago

Mark Cuban’s Dallas Mavericks to Accept Dogecoin Payments

Blockchain1 day ago

Analyst tells Tesla to dump Bitcoin for buybacks as shares plunge alongside MSTR’s

Blockchain3 days ago

Da Vinci Capital Reportedly Requests $100 Million from Telegram for TON’s Failure

Blockchain2 days ago

Ethereum’s price prospects: What you need to know

Trending